A bump to the Stockland Corporation Ltd (ASX: SGP) share price saw it hit a new 52-week high today. Earlier this afternoon, shares in the housing developer were trading for $4.93 – the highest they've been in 12 months.
The Stockland share price fell slightly to end the day at $4.87, which is still 2.31% higher than its closing price yesterday.
Stockland shares did extremely well today when compared to the broader market. At close of trade, the S&P/ASX 200 Index (ASX: XJO) was up 0.45% today, while the All Ordinaries Index (ASX: XAO) gained 0.52%.
The gains came despite Stockland not releasing any news to the market today. However, it did announce exciting news of its upcoming dividend on Tuesday.
Let's take a look Stockland's latest news.
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What's been happening at Stockland?
Earlier this week Stockland announced it will be passing on its biggest dividend in 2 years to shareholders.
The half-year dividend, to be paid to shareholders for the 6 months ended 30 June 2021, will be 13.3 cents. That's higher than the 10.6 cents it paid out to its shareholders in 2020. Although, it's less than the 14.1 cents Stockland handed out in 2019.
Investors who hold Stockland shares as of 30 June will receive a payment from the company on 31 August.
The company also stated its full-year dividend will be 24.6 cents – in line with the company's previous guidance. However, Stockland doesn't pay franking credits on its dividends.
When Stockland announced its dividend on Tuesday, its share price was $4.80.
That left the company with a 5.2% yield – a pretty good return considering Australia is currently seeing record low interest rates.
Stockland share price snapshot
Today's gains have added to a good year on the ASX for Stockland shares.
Currently, the Stockland share price is 14% higher than it was at the beginning of 2021. It has also gained 41% since this time last year.
The company has a market capitalisation of around $11 billion, with approximately 2 billion shares outstanding
